E-Tech Resources Inc. (TSXV: REE) ("E-Tech or the Corporation") is pleased to announce its co-listing on the Frankfurt Stock Exchange (XFRA) under the ticker symbol "K2I". E-Tech Resources Inc. is a rare earth exploration and development company focused on developing its Eureka Rare Earths Project in Namibia.
About E-Tech Resources Inc.
E-Tech Resources Inc. (TSXV: REE) is a rare earth exploration and development company focused on developing its Eureka Rare Earths Project in Namibia. The Eureka Project is located approximately 250 km north-west of Namibia's capital city Windhoek and 140 km east of Namibia's main industrial port Walvis Bay. The project is situated next to the national B1 highway in the Erongo Region of Namibia. The Eureka deposit lies in the Southern Central Zone of the Neoproterozoic Damara Belt within Exclusive Prospecting Licence ("EPL") number EPL 6762; which covers Eureka Farm 99 and Sukses Farm 90. Namibia is recognized as one of Africa's most politically stable jurisdictions, with an extremely well-established national infrastructure and a clear and transparent mining law. The Corporation continues to assess new project opportunities and expand its Southern African portfolio.
The Corporation produced its current Mineral Resource Estimate ("MRE") for the Eureka Project with an effective date of 2 August 2021. The MRE was prepared by SRK Consulting (Canada) Inc. ("SRK"). An Independent Technical Report titled: "Independent Technical Report: Eureka, Rare Earth Project, Namibia" was released on 15 September 2021 prepared by SRK, supporting the disclosure of the MRE, and is available on SEDAR and the Corporation's website.
Exploration started in 2016 with ground magnetic and radiometric surveys over the known carbonatite outcrops to generate a number of drill targets. In March 2017 E-Tech Namibia completed 19 reverse circulation ("RC") drillholes for a total of 610 m in Zones 1, 2 and 3. During Q2 2019, 1.2 km of trenching was completed on Zones 1, 2 and 3 and reconnaissance mapping located previously unknown mineralisation south of Zone 3. All drill pad sites and trenches have since been rehabilitated. At least fourteen en-echelon REE-bearing dolomite carbonatite dykes have been identified, these are found in four zones which are within several hundred metres of each other. The dykes are generally 0.5 m - 4 m thick and are principally composed of coarse dolomite with a variable abundance of coarse low-thorium monazite as crystals up to 20 cm in size (the host mineral of the REEs). Locally, the dykes are surrounded by a thin selvage of skarn-like rock containing finer grained monazite. Early beneficiation testwork has shown optimum liberation of the target mineral monazite at a course fraction, with 65 % recovery of monazite concentrate by gravity separation alone. The concentrate is upgraded by removal of magnetite by low intensity magnetic separation ("LIMS") to a grade of 59.2 % Total Rare Earth Oxide (TREO).
The Corporation has continued to advance its exploration targets since issuing the MRE. Exploration work designed to expand the MRE to date from the first combined campaign includes 2450 metres of trenching, 3,300 m of Reverse Circulation drilling ("RC") and 5,500 m of Diamond Drilling ("DD"). RC and DD samples have been submitted for assay. Assay results of 7 out of 20 DD holes were released on 10 November 2021, which highlighted interceptions with monazitic dykes up to 160 m of vertical depth. All RC assay results from the first campaign were released on 1 December 2021, which highlighted a significant lateral increase of the project's footprint in terms of surface delineation of Zones 1 and 3 to South and West. Further DD results from the first campaign are expected in Q1 2022, dependent on lab processing time.
Baseline environmental monitoring equipment has been installed at the Eureka site to monitor changes in the local environment ahead of the ramp-up of exploration works.
Ongoing and Future Work Program
As released on 2 December 2021, the commencement of a second combined exploration campaign was announced including 3,000 m of RC and 2,000 m of DD to target the expansion of the mineralisation footprint from Zones 1 and 2 towards the wider exploration area of Zones 3 and 4, by testing the dykes' lateral and depth continuity, as well as testing additional outcrops and geophysical anomalies. Additional mineralogical characterisation of the host lithologies is planned to aid in further metallurgical optimisation.
Further exploration plans will be finalized and undertaken in 2022 following the receipt and analysis of assay results of samples taken from the currently completed drilling campaigns.
This press release may contain forward-looking information, such as statements regarding the completion of the work in Namibia by E-Tech and future plans and objectives of E-Tech. This information is based on current expectations and assumptions (including assumptions in connection with the continuance of the applicable company as a going concern and general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict, including risks relating to the ability to satisfy the conditions to completion of exploration programmes and work in Namibia. Actual results may differ materially from results suggested in any forward-looking information. E-Tech assumes no obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in filings made by E-Tech with Canadian securities regulators, copies of which are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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